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Typewritten answers only, please, no handwritten answers. Thank you Lopez Sales Company had the following balances in its accounts on January 1, 2018: Cash $
Typewritten answers only, please, no handwritten answers. Thank you
Lopez Sales Company had the following balances in its accounts on January 1, 2018:
Cash | $ | 67,000 | |
Merchandise Inventory | 47,000 | ||
Land | 107,000 | ||
Common Stock | 87,000 | ||
Retained Earnings | 134,000 | ||
Lopez experienced the following events during 2018:
Sold merchandise inventory that cost $37,600 for $79,900.
Sold land that cost $42,800 for $80,300.
Required
Determine the amount of gross margin recognized by Lopez.
Determine the amount of the gain on the sale of land recognized by Lopez.
Typewritten answers only, please, no handwritten answers. Thank you.
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